ELMA DANGERFIELD TRUST NO 1
DISCRETIONARY SETTLEMENT
______
A C C O U N T S
FOR THE YEAR ENDED 31[ST] DECEMBER 2023
______
| Notes on Settlement |
1 |
|---|---|
| Trustees’ Statement |
2 |
| Independent Examiner’s Report |
3 |
| Balance Sheet |
4 |
| Capital Account |
5 |
| Income Account |
6 |
ELMA DANGERFIELD TRUST NO 1
NOTES ON SETTLEMENT
| Date of Settlement | 12thFebruary 2008 |
|---|---|
| Settlor | Elma Tryphosa Dangerfield |
| Trustees | Geoffrey Charles Bond OBE DL |
| The Right Honourable Robert James Lord Byron | |
| Property Settled | £533,206.92 and other monies and securities. |
| Following the winding up of the estate of Mrs | |
| Dangerfield the Trustees received a further £10,623.55 | |
| by way of capital | |
| Beneficiary | The Byron Society |
| Main Terms | The Trustees have power to advance capital and pay or |
| apply the Trust income at their discretion for the | |
| benefit of The Byron Society | |
| Accumulation Period | 21 years from the date of death of Elma Tryphosa |
| Dangerfield on 22ndJanuary 2006 | |
| Charitable Status | The Settlement has been accepted by H M Revenue & |
| Customs as having charitable status for tax purposes. | |
| Investment Powers | As if Trustees beneficially entitled. |
| Appointment of New Trustees | Statutory powers |
| Charging clause | Professional Trustees entitled to usual charges |
| Trustees’ Investment Policy | To achieve a balance between capital growth for the |
| medium term and the requirement for annual income | |
| Investment Manager | J M Finn & Co |
| Income payments | Payments of income have been made to the Byron |
| Society as follows: | |
| 2013 £12,000 |
|
| 2014 £20,000 |
|
| 2015 £20,000 |
|
| 2016 £20,000 |
|
| 2017 £20,000 |
|
| 2018 £20,000 |
|
| 2019 £25,000 |
|
| 2020 £20,000 |
|
| 2021 £20,000 |
|
| 2022 £20,000 |
|
| 2023 £20,000 |
ELMA DANGERFIELD TRUST NO 1
Trustees’ Statement
The Trustees produce herewith the fourteenth full year account to 31st December 2023. The share portfolio continues to be managed by London Stockbrokers J M Finn & Co, who report that the value of the Trust portfolio has increased from £966,357 to £977,469, including funds on deposit. Taking into account withdrawals in the year, this represents an increase of 7.01%. In the same period the MSCI PIMFA Balanced Index has risen by 10.11%.
Income earned in the year increased from £27,318 to £29,017. A donation of £20,000 has been made to the Byron Society for its general purposes, together with payments totaling £26,500 towards the Byron Memorial Statue Restoration Appeal. The Trustees expect to maintain a donation for 2023, and also anticipate further funds being made available to the Statue Restoration Appeal.
We have perused the accounts for the year ended 31[st] December 2023. We find the details set out therein to be correct and approve the same as final Accounts for the year.
…………………………………..
Geoffrey Charles Bond OBE DL
………………………………….. The Right Honourable Robert James Lord Byron
ELMA DANGERFIELD TRUST NO 1
INDEPENDENT EXAMINER’S REPORT
I report on the accounts of the Trust for the year ended 31st December 2023, which are set out on pages 5 to 14.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to: examine the accounts under section 145 of the 2011 Act;
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with section 130 of the 2011 Act; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Richard Coleman Chartered Accountant
August 2024
ELMA DANGERFIELD TRUST NO 1
Balance Sheet at 31st December 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Capital Account | |||
| Balance at 31stDecember 2023 (page 5) | 733,341.79 | ||
| 783,452 | |||
| Accumulated Income Account | |||
| Balance at 31stDecember 2023 (page 6) | 54,456.14 | ||
| 71,939 | |||
| ____ | _ | ||
| 787,797.93 | |||
| 855,391 | |||
| ____ | _ | ||
| Represented by: - | |||
| Quoted investments at cost (value £961,572) | 760,518.60 | ||
| 817,110 | |||
| J M Finn & Co Deposit Account | 11,904.01 | ||
| 2,010 | |||
| J M Finn & Co Earnings Account | 3,993.82 | ||
| 32,067 | |||
| Lloyds Bank Treasurer’s Account | 8,764.94 | ||
| 887 | |||
| H M Revenue & Customs | 3,316.56 | ||
| 4,017 | |||
| ____ | _ | ||
| 788,497.93 | |||
| 856,091 | |||
| Deduct expenses: | |||
| Accountancy fees | 700.00 | 700 | |
| ____ | _ | ||
| 787,797.93 | |||
| 855,391 | |||
| ____ | _ |
ELMA DANGERFIELD TRUST NO 1
| Year ended 31 | st |
December 2023 | December 2023 | ||
|---|---|---|---|---|---|
| Capital Account | |||||
| 2023 | 2022 | ||||
| Balance at 1stJanuary 2023 | 783,452.01 | ||||
| 780,641 | |||||
| Add: | |||||
| Profit on disposal of investments | - | 9,354 | |||
| ____ | _ | ||||
| 783,452.01 | |||||
| 789,995 | |||||
| Deduct: | |||||
| Loss on disposal of investments | 43,932.78 | ||||
| - | |||||
| ____ | _ | ||||
| 739,519.23 | |||||
| 789,995 | |||||
| Deduct expenses: | |||||
| Stockbroker’s charges | 5,827.44 | ||||
| 6,193 | |||||
| Accountancy fees | 350.00 | 350 | |||
| ____ | __ | ||||
| 6,177.44 | |||||
| 6,543 | |||||
| ____ | _ | ||||
| Balance at 31stDecember 2023 | 733,341.79 | ||||
| 783,452 | |||||
| ____ | _ |
ELMA DANGERFIELD TRUST NO 1
| Year | ended 31 st |
December | 2023 | |
|---|---|---|---|---|
| Income Account | ||||
| 2023 | 2022 | |||
| Dividends (page 8) | 20,831.40 | |||
| 21,215 | ||||
| Interest received from securities (page | 10) | 8,056.32 | ||
| 6,449 | ||||
| Interest earned – J M Finn Deposit | 949.88 | 11 | ||
| ____ | _ | |||
| 29,837.60 | ||||
| 27,675 | ||||
| Trustees’ expenses | 450.00 | - | ||
| Accountancy fees | 350.00 | 350 | ||
| Bank charges | 20.00 | 7 | ||
| ____ | __ | |||
| 820.00 | 357 | |||
| ____ | _ | |||
| 29,017.60 | ||||
| 27,318 | ||||
| ____ | _ |
Accumulated Income Account
| Balance at 1stJanuary 2023 | 71,938.54 | ||
|---|---|---|---|
| 64,620 | |||
| Income for the year | 29,017.60 | ||
| 27,318 | |||
| ____ | |||
| _ | |||
| 100,956.14 | |||
| 91,938 | |||
| Distributions made: | |||
| The Byron Society | 20,000.00 | ||
| 20,000 | |||
| Byron Memorial Statue Appeal | 26,500.00 | ||
| - | |||
| ____ | __ | ||
| 46,500.00 | |||
| 20,000 | |||
| ____ | _ | ||
| Balance at 31stDecember 2023 | 54,456.14 | ||
| 71,938 | |||
| ____ | _ |